Fleetwood (FWD) H2 2025 earnings summary

Executive summary

• Underlying EBIT rose to $37.7 million, up $29.5 million year-over-year, reflecting strong operational performance and disciplined working capital management.

• Net profit after tax reached $14.6 million, a 284% increase year-over-year, with revenue up 20.3% to $505.2 million, driven by Building Solutions and high Searipple Village occupancy.

• Declared a fully franked dividend of 25.0 cents per share, a 400% increase, reflecting 100% payout of net profit after tax (excluding non-cash impairment).

Financial highlights

• Revenue grew 20.3% year-over-year to $505.2 million, with Searipple Village occupancy at 84%.

• Underlying EBITDA was $56.0 million, up $31.3 million from FY24.

• Free cash flow improved by $29.7 million to $27.0 million; year-end cash position was $51.0 million.

• Net CapEx was $6.4 million, mainly invested in Community Solutions and Searipple Village upgrades.

Outlook and guidance

• Searipple Village has 82% contracted occupancy for FY26, with further upside possible as regional project activity intensifies.

• Building Solutions targets high single-digit revenue growth in FY26, supported by a $115 million order book and over $200 million in tenders.

• RV Solutions aims to return to profitability in FY26, focusing on aftermarket growth, product rationalisation, and cost optimization.

• Dividend policy for FY26 reconfirmed at 100% payout of net profit after tax.